A SELF-MADE multi millionaire has bought the crisis-hit Imperial Home Decor in a move expected to safeguard hundreds of jobs in Morecambe.

Trevor Hemmings, one of the UK's wealthiest businessmen, is behind the wall coverings CWV Group which has acquired the ailing firm and its assets.

Imperial Home Decor, whose Storeys site at White Lund has a 300-plus workforce, went into administration in June. Falling sales of wallpaper were blamed for heavy losses.

Administrators Ernst and Young LLP axed 22 jobs in Morecambe along with 190 at Middleton and Darwen as part of a rescue bid. The total workforce was 807.

A spokesman said the business attracted 'considerable interest from the UK and overseas' and enjoyed 'the luxury of a number of choices'.

The favoured buyer was leisure tycoon Mr Hemmings, who has a personal fortune estimated at £480million.

Chorley-born, he made his fortune from Pontin's but has an interest in dozens of UK companies, including Leisure Parcs, which owns Blackpool Tower and other local landmarks. He ventured into the wallpaper industry in 1999 by buying Vymura.

Simon Allport, of Ernst and Young, announced the sale, saying: "It is great news for the business, its employees, customers and suppliers. The sale ensures the survival of one of the largest inter-national wallcoverings."

Tony Burke, of the Graphical Paper and Media Union (GPMU), said the sale 'ended uncertainty for the workers'.

"There are discussions going on with the new owners about how they intend to operate in the future. We are hopeful we can reach some good understanding and protect employment."

One employee said shop floor staff met the news with a huge sigh of relief after the deal was sealed on Friday.

"There was an air of expectation on Thursday when they started shipping out branded names belonging to IHDG. Now theres an air of optimism. Everything looks very positive," he said.

Lancaster City Council leader Ian Barker said: "It is good news. It was one of Lancaster's big employers and it is very positive that there is a backer. It gives us some hope of a better outcome than we had anticipated a few weeks ago."

IHDG operated renowned brands such as Crown and Storey. CWV, with its sister company CW Textiles, operates major home furnishings brands such as Coloroll, Wilman and Vymura.

CWV chief executive Eric Kilby said the acquisition offered CWV 'a great opportunity to broaden our products. It consolidates our position as a leader in the international home furnishings market.'